Pensions Bill

House of Commons

Session 2003 - 04
Internet Publications
Other Bills before Parliament

Pensions Bill

Pensions Bill
Schedule 1 — The Pensions Regulator
Part 5 — Funding and accounts
208

(c)
a function of the Panel under section 82(3), section 88(11) or
paragraph 18(2) of this Schedule (procedure).
      (7)
This paragraph is subject to any regulations made by the Secretary of State
under paragraph 21.
21
The Secretary of State may make regulations—
5
(a)
limiting the extent to which any of the functions mentioned in
subsection (6) of section 9 may be delegated by the Non-Executive
Committee to any of its members or any of its sub-committees under
that subsection;
(b)
limiting the extent to which any of the functions mentioned in
10
subsection (8) of section 11 may be delegated by the Determinations
Panel to any of its members or any of its sub-committees under that
subsection;
(c)
limiting the extent to which functions of the Regulator may be
delegated under paragraph 20;
15
(d)
limiting the delegation under paragraph 20 of any power to delegate
contained in that paragraph;
(e)
permitting the Regulator in prescribed circumstances to delegate to
prescribed persons prescribed functions of the Regulator.
Application of seal and proof of instruments
20
22    (1)
The fixing of the common seal of the Regulator must be authenticated by the
signature of a person authorised for that purpose by the Regulator (whether
generally or specifically).
      (2)
Sub-paragraph (1) does not apply in relation to any document which is or is
to be signed in accordance with the law of Scotland.
25
23
A document purporting to be duly executed under the seal of the Regulator
or purporting to be signed on its behalf—
(a)
is to be received in evidence, and
(b)
is to be taken to be so executed or signed unless the contrary is
proved.
30
Part 5
Funding and accounts
Funding
24
The Secretary of State may pay the Regulator out of money provided by
Parliament such sums as he may determine towards its expenses.
35
25    (1)
The Secretary of State may make regulations authorising the Regulator to
charge fees to meet the costs incurred by the Regulator in connection with
applications made for the modification of an occupational pension scheme—
(a)
under section 69 of the Pensions Act 1995 (c. 26), or
(b)
under any corresponding provision in force in Northern Ireland.
40
      (2)
Regulations under sub-paragraph (1) may prescribe, or authorise the
Regulator to determine, the time at which any fee is due.
      (3)
Any fee which is owed to the Regulator by virtue of regulations under this
paragraph may be recovered as a debt due to the Regulator.

Pensions Bill
Schedule 1 — The Pensions Regulator
Part 5 — Funding and accounts
209

26    (1)
Section 175 of the Pension Schemes Act 1993 (c. 48) (levies towards certain
expenditure) is amended as follows.
      (2)
In subsection (1) omit “or” at the end of paragraph (b) and for paragraph (c)
substitute—
“(c)
of the Regulatory Authority (including the establishment
5
of the Authority under the Pensions Act 2004), or
(d)
of the Lord Chancellor in meeting the costs of the legal
assistance scheme established by virtue of section 95 of the
Pensions Act 2004 (legal assistance in connection with
proceedings before the Pensions Regulator Tribunal),”.
10
      (3)
In subsection (3), in paragraph (a), for the words from “any amounts paid”
to the end of the paragraph substitute “—
(i)
any amounts paid to the Secretary of State
under section 168(4) of this Act or section 10 of
the Pensions Act 1995 (civil penalties), and
15
(ii)
any fees paid to the Authority under
paragraph 25 of Schedule 1 to the Pensions
Act 2004 (fees for applications to modify
under section 69 of the 1995 Act), and”
Accounts
20
27    (1)
The Regulator must—
(a)
keep proper accounts and proper records in relation to the accounts,
and
(b)
prepare in respect of each financial year a statement of accounts.
      (2)
Each statement of accounts must comply with any directions given by the
25
Secretary of State with the approval of the Treasury as to—
(a)
the information to be contained in it and the manner in which it is to
be presented;
(b)
the methods and principles according to which the statement is to be
prepared;
30
(c)
the additional information (if any) which is to be provided for the
information of Parliament.
      (3)
The Regulator must send a copy of each statement of accounts—
(a)
to the Secretary of State, and
(b)
to the Comptroller and Auditor General,
35

before the end of the month of August next following the financial year to
which the statement relates.
      (4)
The Comptroller and Auditor General must—
(a)
examine, certify and report on each statement of accounts which he
receives under sub-paragraph (3), and
40
(b)
lay a copy of each statement and of his report before each House of
Parliament.
      (5)
In this paragraph “financial year” means—
(a)
the period beginning with the date on which the Regulator is
established and ending with the next following 31st March, and
45
(b)
each successive period of 12 months.

Pensions Bill
Schedule 1 — The Pensions Regulator
Part 6 — Status and liability etc
210

Other expenses
28    (1)
The Regulator may—
(a)
pay, or make provision for paying, persons attending proceedings
before the Regulator at its request such travelling and other
allowances (including compensation for loss of remunerative time)
5
as the Secretary of State may determine, and
(b)
pay, or make provision for paying, persons from whom the
Regulator may decide to seek advice, as being persons considered by
the Regulator to be specially qualified to advise it on particular
matters, such fees as the Regulator may determine.
10
      (2)
In this paragraph references to proceedings before the Regulator include
references to proceedings before any committee of the Regulator.
Part 6
Status and liability etc
Status
15
29    (1)
The Regulator is not to be regarded—
(a)
as the servant or agent of the Crown, or
(b)
as enjoying any status, privilege or immunity of the Crown.
      (2)
Accordingly, the Regulator’s property is not to be regarded as property of,
or held on behalf of, the Crown.
20
Validity
30
The validity of any proceedings of the Regulator (including any proceedings
of any of its committees) is not to be affected by—
(a)
any vacancy among the members of the Regulator or of any of its
committees,
25
(b)
any defect in the appointment of any member of the Regulator or of
any of its committees, or
(c)
any defect in the appointment of the Chief Executive.
Disqualification
31
Schedule 1 to the House of Commons Disqualification Act 1975 (c. 24) is
30
amended as follows—
(a)
in Part 2 (bodies whose members are disqualified) at the appropriate
place insert—

“The Pensions Regulator.”, and
(b)
in Part 3 (other disqualifying offices) at the appropriate place
35
insert—

“Member of the Determinations Panel established by
the Pensions Regulator under section 10 of the
Pensions Act 2004.”
32
Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975
40
(c. 25) is amended as follows—
(a)
in Part 2 (bodies whose members are disqualified) at the appropriate

Pensions Bill
Schedule 1 — The Pensions Regulator
Part 6 — Status and liability etc
211

place insert—

“The Pensions Regulator.”, and
(b)
in Part 3 (other disqualifying offices) at the appropriate place
insert—

“Member of the Determinations Panel established by
5
the Pensions Regulator under section 10 of the
Pensions Act 2004.”
The Parliamentary Commissioner for Administration
33
In Schedule 2 to the Parliamentary Commissioner Act 1967
(c. 13)(departments and authorities subject to investigation), at the
10
appropriate place insert—

“The Pensions Regulator.”
The Superannuation Act 1972
34    (1)
The persons to whom section 1 of the Superannuation Act 1972 (c. 11)
(persons to or in respect of whom benefits may be provided by schemes
15
under that section) applies are to include—
the chairman of the Regulator
the employees of the Regulator.
      (2)
The Regulator must pay to the Minister for the Civil Service, at such times as
he may direct, such sums as he may determine in respect of the increase
20
attributable to sub-paragraph (1) in the sums payable out of money
provided by Parliament under that Act.
Exemption from liability in damages
35    (1)
Neither the Regulator nor any person who is a member of the Regulator, a
member of any of its committees, or a member of its staff is to be liable in
25
damages for anything done or omitted in the exercise or purported exercise
of the functions of the Regulator conferred by, or by virtue of, this or any
other enactment.
      (2)
Any person who is—
(a)
the chairman of the Regulator,
30
(b)
the Chief Executive of the Regulator, or
(c)
the chairman of the Determinations Panel,

is not to be liable in damages for anything done or omitted in the exercise or
purported exercise of any function conferred on the office in question by, or
by virtue of, this Act or any provisions in force in Northern Ireland
35
corresponding to this Act.
      (3)
Any person who is a member of the Non-Executive Committee or of any of
its sub-committees is not to be liable in damages for anything done or
omitted in the discharge or purported discharge of the duty to prepare a
report under section 9(4) on the discharge of the non-executive functions.
40
      (4)
Any person who is a member of the Determinations Panel is not to be liable
in damages for anything done or omitted in the exercise or purported
exercise of the functions of the Panel under—
(a)
section 82(3) (procedure in relation to regulatory functions) or any
corresponding provision in force in Northern Ireland,
45

Pensions Bill
Schedule 2 — The reserved regulatory functions
Part 2 — Functions under the Pensions Act 1995 (c. 26)
212

(b)
section 88(11) (procedure in relation to exercise of functions on a
compulsory review) or any corresponding provision in force in
Northern Ireland, or
(c)
paragraph 18(2) of this Schedule (general procedure).
      (5)
But sub-paragraphs (1) to (4) do not apply—
5
(a)
if it is shown that the act or omission was in bad faith, or
(b)
so as to prevent an award of damages made in respect of an act or
omission on the ground that the act or omission was unlawful as a
result of section 6(1) of the Human Rights Act 1998 (c. 42).
Schedule 2
10
Section 11(4)

The reserved regulatory functions
Part 1
Functions under the Pension Schemes Act 1993 (c. 48)
1
The power by direction under section 99(4) to grant an extension of the
period within which the trustees or managers of a scheme are to carry out
15
certain duties.
2
The power by direction under section 101J(2) to extend the period for
compliance with a transfer notice.
3
The power under regulations made by virtue of section 168(4) to require a
person to pay a penalty.
20
Part 2
Functions under the Pensions Act 1995 (c. 26)
4
The power to make an order under section 3(1) prohibiting a person from
being a trustee.
5
The power to make an order under section 3(3) revoking such an order.
25
6
The power to make an order under section 4(1) suspending a trustee.
7
The power to make an order under section 4(2) extending the period for
which an order under section 4(1) of that Act has effect.
8
The power to make an order under section 4(5) revoking an order under
section 4(1) of that Act suspending a trustee.
30
9
The power to make an order appointing a trustee under any of the following
provisions of section 7—
(a)
subsection (1) where a trustee is removed by an order under section
3 (prohibition orders);
(b)
subsection (3)(a) or (c).
35
10
The power under section 9 to exercise by order the same jurisdiction and
powers as the High Court or the Court of Session for vesting property in, or
transferring property to, trustees in consequence of the appointment or
removal of a trustee.

Pensions Bill
Schedule 2 — The reserved regulatory functions
Part 4 — Functions under this Act
213

11
The power to require a person to pay a penalty under section 10 (including
under regulations made by virtue of subsection (3) of that section).
12
The power to make an order under section 11 directing or authorising an
occupational pension scheme to be wound up.
13
The power to give directions to trustees under section 15.
5
14
The power under section 29(5) to give a notice waiving a disqualification
under section 29 of that Act.
15
The power under section 30(2) to exercise by order the same jurisdiction and
powers as the High Court or the Court of Session for vesting property in, or
transferring property to, the trustees where a trustee becomes disqualified
10
under section 29 of that Act.
16
The power to make an order under section 69 authorising the modification
of an occupational pension scheme or modifying the scheme.
17
The power to make an order under section 71A modifying an occupational
pension scheme with a view to ensuring that it is properly wound up.
15
Part 3
Functions under the Welfare Reform and Pensions Act 1999 (c. 30)
18
The power by direction under section 2(3)(b) to remove a scheme from the
register of stakeholder pension schemes.
Part 4
20
Functions under this Act
19
The power to make a freezing order under section 20.
20
The power to make an order under section 22(3) extending the period for
which a freezing order has effect.
21
The power to make an order under section 23 validating action taken in
25
contravention of a freezing order.
22
The power to make an order under section 25 directing that specified steps
are taken.
23
The power to make an order under section 27 giving a direction where a
freezing order ceases to have effect.
30
24
The power to make an order under section 28(3) directing the notification of
members.
25
The power under section 60 to issue a notice requiring a report to be
provided to the Regulator.
26
The power to make a direction under section 65(8) extending the retention
35
period for documents taken into possession under section 64.
27
The power to make a direction under section 67(8) extending the retention
period for documents taken into possession under that section.

Pensions Bill
Schedule 3 — Restricted information held by the Regulator: certain permitted disclosures to facilitate exercise of functions
214

28
The power to make an order under section 212 modifying a scheme, giving
directions or imposing a schedule of contributions.
29
The power to vary or revoke under section 90—
(a)
a determination made by the Determinations Panel whether to
exercise one of the other functions listed in this Schedule, or
5
(b)
an order, notice or direction made, issued or given in the exercise of
one of those functions—
(i)
by the Panel, or
(ii)
by the Regulator in compliance with a direction of the
Tribunal under section 92.
10
Schedule 3
Section 75

Restricted information held by the Regulator: certain permitted disclosures
to facilitate exercise of functions

Persons
Functions

The Secretary of State.
Functions under—

15

(a)
Part 14 of the Companies

Act 1985 (c. 6),

(b)
the Insolvency Act 1986

(c. 45),

(c)
Part 3 of the Companies

20

Act 1989 (c. 40),

(d)
Part 1 of the Export and

Investment Guarantees Act

1991 (c. 67) (apart from

sections 5 and 6),

25

(e)
Part 3 of the Pension

Schemes Act 1993 (c. 48),

(f)
Part 5 of the Police Act 1997

(c. 50),

(g)
the Financial Services and

30

Markets Act 2000 (c. 8), or

(h)
this Act,

and functions of co-operating with

overseas government authorities

and bodies in relation to criminal

35

matters.

The Bank of England.
Any of its functions.